If Mary deposits $275 in principal at an interest rate of 3.2 percent, how much interest will she earn in one year

Question

asked Aug 19, 2016 127k views

2 Answers

Anuresh Verma · Answer 1 · 2016-08-24T15:59:03+0000

Answer:

Mary earns interest in one year is $88 .

Explanation:

Formula

$Simple\ interest = (Principle* rate* time)/(100)$

As given

If Mary deposits $275 in principal at an interest rate of 3.2 percent .

Principle = $275

Rate = 3.2%

Time = 1 year

Putting all the values in the formula

$Simple\ interest = (275* 3.2* 1)/(100)$

$Simple\ interest =(880)/(100)$

Simple interest = $88

Therefore the Mary earns interest in one year is $88 .